sec.38Payments out of Credit Unions Contingency Fund

sec.38 Payments out of Credit Unions Contingency Fund

On the day before the transfer date QOFS must, under section 99A of the Financial Institutions Code , distribute the whole of retained earnings to the contribution accounts of credit unions. For subsection (1) , section 99A (3) of the Financial Institutions Code does not apply. Immediately after QOFS complies with subsection (1) it must pay from the Credit Unions Contingency Fund to each credit union the amount standing to the credit union’s credit in the fund. Subsection (3) applies despite section 103 of the Financial Institutions Code . In this section— contribution accounts , of credit unions, means the parts of the Credit Unions Contingency Fund that, under section 98 (10) of the Financial Institutions Code , are treated as a deferred asset in the accounts of the credit unions. credit union means a credit union under the Financial Institutions Code . retained earnings means all amounts standing to the credit of the Credit Unions Contingency Fund, other than amounts in the contribution accounts of credit unions. (sec.38-ssec.1) On the day before the transfer date QOFS must, under section 99A of the Financial Institutions Code , distribute the whole of retained earnings to the contribution accounts of credit unions. (sec.38-ssec.2) For subsection (1) , section 99A (3) of the Financial Institutions Code does not apply. (sec.38-ssec.3) Immediately after QOFS complies with subsection (1) it must pay from the Credit Unions Contingency Fund to each credit union the amount standing to the credit union’s credit in the fund. (sec.38-ssec.4) Subsection (3) applies despite section 103 of the Financial Institutions Code . (sec.38-ssec.5) In this section— contribution accounts , of credit unions, means the parts of the Credit Unions Contingency Fund that, under section 98 (10) of the Financial Institutions Code , are treated as a deferred asset in the accounts of the credit unions. credit union means a credit union under the Financial Institutions Code . retained earnings means all amounts standing to the credit of the Credit Unions Contingency Fund, other than amounts in the contribution accounts of credit unions.